“I have a friend who has been driving me insane about how he just thought Yaletown is just the greatest place. He was looking at a teeny condo, so small that I could touch the walls with outstretched arms. It was $510K. He borrowed money from Dad… and then he realized he didn’t have the money for closing costs. He put it on his line of credit! Now he tells me, three weeks in, that he is concerned the $356 a month condo fees are too high. This guy must make high dough, but he is in way over his head.
He was kind of nervous at lunch today about the above. Then he dropped the bomb on me. He still has student loans of $61K and his credit card debt on five cards is nearly $70K.
After I gathered my thoughts, I was still speechless.
This gent seems to think everything will be fine.
I paid for lunch, of course.
How many poor schnooks are in this kind of jackpot?
He has a leased Lexus, and all the toys and great clothes and goes to Maui on the credit card every year.”
- ‘Bill Gable’ at greaterfool.ca 15 Sep 2011 12:59am
[hat-tip to 'Bailin' in BC', who notified us by e-mail]
How many in same boat?
When pullback comes, condos crash.
Whole market crashes.